Shareholders of Walgreens Boots Alliance (WBA) have approved the company’s proposed $10bn (£7.8bn) sale to Sycamore Partners, marking a significant private equity transaction in the global retail and healthcare sector.

At a special meeting, 96% of votes cast were in favour of the merger. The transaction is expected to close in the third or fourth quarter of 2025, subject to customary regulatory approvals.

“With Sycamore’s partnership, we will be better positioned to accelerate our turnaround strategy, further enhance the customer, patient and team member experience and become the first choice for pharmacy, retail and health services,” said Tim Wentworth, CEO of Walgreens Boots Alliance.

Following completion, Sycamore is expected to evaluate strategic options for Boots, the UK’s historic pharmacy brand, founded in Nottingham in the 19th century.

The acquisition reflects continued private equity interest in established retail and healthcare brands, as firms seek to unlock value through operational transformation and strategic repositioning.

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